Debbie Nicol: Embrace change and manage it wisely



Change can confound, intimidate and downright scare people at all levels of an organisation. When a manager finds himself at the helm of corporate upheaval, a warning bell should go off, a reminder that any action taken must simplify rather than burden the process. While it is essential to apply structured processes, complexity will only increase resistance levels. These tips have all brought tangible benefit to an often-intangible process:
. Planning is the key to success
Failing to prepare is preparing to fail would be a great motto for any major turnaround project. Nothing should be hit and miss but rather guided by an executable strategic plan with milestones along the way. Ensure this planning is not done in isolation of your environment, allowing that plan to be part of an enterprise-wide approach. Investing time in this vital phase allows a strong foundation to exist for the remainder of the project. It will also illustrate a priority to real results with a 'no compromise' approach, thereby endorsing the necessity of adequate resources such as time, budget and dedicated assistance. This may seem like common sense, yet why then is it not always common practice? Without proper planning, there's often a flurry of unexpected activity. Due to the nature of this, many people react and go with the flow to survive, yet unfortunately when time moves on, resistance will emerge, eradicating opportunity for real results.
.Remember to share the responsibility
Whether you are an operations manager or part of the change team heading the project, share the load and responsibility. Collaboration is vital for success with change, often fostering a community aspect in a non-communal situation. Specific roles must exist across all levels of the organisation with each dependent on another. This will forge a cause and effect relationship, with all parties aware of the essential contribution they make, and the consequences of not fulfilling their role.
. Be clear on current and future state
It is all well and good to announce a restructure is pending because of a merger, or a new sales process will involve the team gaining revenue, yet whoever is leading the initiative must have clarity in their mind's eye. What does the current picture of a sales person working with the existing sales process look like? What challenges does that bring and what opportunities is it losing? See it, feel it and ensure you can describe it, as that's what people will relate to - it will provide reason for them to escape the comfort zone and dare to move to the new or future state. Change should represent hope for a better future, meaning one that is quicker, faster, more efficient, easier. Know, understand and describe the future in vivid and visual terms. Let the people's excitement build as they feel the way this new future will make their lives better.
. Invest time in sending messages
While any activity must be linked to the level of risk the change poses, communication is one activity that never disappears from the list. There will be so much information to share at specific times, by specific people, in specific ways. The surest way to encourage the rumour mill is not to communicate. Communicate the same message in several formats so consistency will reinforce its importance. Provide ambassadors and first adopters a chance to be part of the communication. Design your messages with the needs of those who will enact the change in mind.
. Ensure you, the change leader, has an impartial person to connect with on a personal level
This person will assist you in many ways. While strategies and action plans will support you, there will be times when you will feel lost, drained, overwhelmed and simply needing time out. This person will be able to be the shoulder you need to lean on, the eyes you need to see through a different lens. Transformation projects can become a quagmire of resistance and stress. By linking up with this impartial person, you will be able to breathe fresh air, reinvigorating yourself and clearing the mind. In the middle of these initiatives, you must identify progress and when remaining in the centre of the change, this cannot easily be identified. Remember, the team relies on you, and for that they need a strong and active leader showing strength and resilience.
Change is a corporate leader's function. Encourage confidence in a future with hope. By keeping the approach easy, regular and consistent while also building a common language, you'll not only serve yourself, but also those who are the core of your results.
Debbie Nicol, the managing director of Dubai-based business en motion, is a consultant working with strategic change, leadership and organisational development. Email her at debbie.nicol@businessenmotion.com for thoughts about your corporate change initiative
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

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About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Bantamweight 56.4kg
Abrorbek Madiminbekov v Mehdi El Jamari

Super heavyweight 94 kg
Adnan Mohammad v Mohammed Ajaraam

Lightweight 60kg
Zakaria Eljamari v Faridoon Alik Zai

Light heavyweight 81.4kg
Mahmood Amin v Taha Marrouni

Light welterweight 64.5kg
Siyovush Gulmamadov v Nouredine Samir

Light heavyweight 81.4kg
Ilyass Habibali v Haroun Baka

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Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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